Essex Realty Group Lists Rare Multifamily Redevelopment Opportunity in Old Town

CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc. has been exclusively engaged to market for sale 1539 N. Wells St. a redevelopment opportunity, located in Chicago’s highly sought-after Old Town neighborhood.

Brought to the market by Essex Director Abe Eilian along with Associate, Drake Orser, the site currently hosts a stately 4-unit walk-up Greystone building comprising one (1) 5-Bed/3-Bath unit, two (2) 3-Bed/2-Bath units, one (1) 3-Bed/1-Bath unit and two (2) garage parking spaces. All four units have been renovated in the last several years and the building has undergone a series of capital improvements including remodeled common areas, upgraded appliances, in-unit laundry, and new roofs over the building and garage.

Unlike the rest of the properties on Wells Street, this property is one of the last buildings on Wells Street that is exclusively comprised of multifamily units. However, zoned B3-5 and with a lot size of approximately 25′ x 171′, this site may allow a developer to construct up to twenty-one (21) total dwelling units.

Old Town is a designated historic district filled with rich history and beautiful Victorian-era buildings nestled between the Gold Coast/River North & Lincoln Park.

Just a few blocks from the Sedgwick CTA Brown & Purple Lines, the Clark & Division CTA Red Line, various CTA bus stops, and DuSable Lake Shore Drive, 1539 N. Wells St. provides unparalleled access to transportation. This may qualify the site for TOD status, potentially allowing developers to reduce parking requirements. Additionally, residents enjoy convenient access to numerous local dining and shopping options along historic Wells St., Lincoln Park, North Avenue Beach, recreational fields, nearby dog parks, and bike paths.

“This is a really exciting opportunity, as Wells Street has an abundance of one and two-bedroom apartments, however 3+ bedroom apartments are quite rare, in a location that often attracts a renter profile that’s looking to split costs among multiple roommates,” said Essex Director Abe Eilian. “These units greatly benefit from limited competition on one of the most prized streets in The City of Chicago, which is evident by the significant rents achieved. In addition, the property’s extremely attractive zoning can provide a new owner the opportunity to build additional units on the rear half of the extra-long site, complementing the existing units very well, and may prove to be quite lucrative.”